MOSCOW, June 18 (Reuters) – Russian niche coal miner Siberian Anthracite plans to list its shares in London and could raise up to $200 million, two market sources said, but it may struggle to attract investors at a challenging time for coal producers.
* Plans to raise stake in global anthracite market to 17 pct
Sibanthracite did not disclose how much it was planning to raise through the offering of 25 percent of its shares, but based on the estimate from the sources, the initial public offering would value the company as high as $800 million.
Russian coking and thermal coal exporters have come under pressure in 2013 as a drop in coal prices to over four-year lows and high transport costs have undermined their competitiveness.
“The timing is a bit awkward now that international coal prices are hitting their lowest level for several years. Everything depends on how realistic the firm’s expectations are on the valuation. They will need to be willing to give some upside to investors,” said Societe Generale analyst Sergey Donskoy.
Sibanthracite mines a rare form of coal in the central Siberian region of Novosibirsk – ultra high grade anthracite (UHG), which can be used as a substitute in steelmaking for coke made from baked coking coal.
Sibanthracite Chief Executive Dmitry Shatokhin said the firm, which exports 90 percent of its output, was “well positioned to benefit from rising demand for high-quality anthracite”.
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Russian coal miner Sibanthracite says plans London IPO
